Western Africa: Polycarboxylic Acid Market 2023

Polycarboxylic Acid Market Size in Western Africa

The West African polycarboxylic acid market declined slightly to $X in 2021, approximately mirroring the previous year. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -11.6% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Polycarboxylic Acid Production in Western Africa

In value terms, polycarboxylic acid production dropped slightly to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -13.1% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 60% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Polycarboxylic Acid Exports

Exports in Western Africa

In 2021, exports of polycarboxylic acids in Western Africa surged to X tons, rising by 26% on 2020 figures. In general, exports showed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 195% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, polycarboxylic acid exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a mild decline. The pace of growth appeared the most rapid in 2018 when exports increased by 161% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Senegal was the major exporter of polycarboxylic acids in Western Africa, with the volume of exports resulting at X tons, which was near 57% of total exports in 2021. Mali (X tons) took the second position in the ranking, distantly followed by Ghana (X tons). All these countries together took approx. 39% share of total exports. Cote d'Ivoire (X tons) took a relatively small share of total exports.

Exports from Senegal increased at an average annual rate of +3.4% from 2012 to 2021. At the same time, Ghana (+78.1%), Cote d'Ivoire (+29.2%) and Mali (+3.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +78.1% from 2012-2021. From 2012 to 2021, the share of Ghana and Cote d'Ivoire increased by +15 and +3.2 percentage points, respectively.

In value terms, Senegal ($X) remains the largest polycarboxylic acid supplier in Western Africa, comprising 66% of total exports. The second position in the ranking was held by Mali ($X), with a 25% share of total exports. It was followed by Ghana, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (-6.1% per year) and Ghana (+49.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, surging by 4.5% against the previous year. Overall, the export price, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2014 an increase of 26% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-2.6%), while the other leaders experienced a decline in the export price figures.

Polycarboxylic Acid Imports

Imports in Western Africa

In 2021, after four years of growth, there was significant decline in overseas purchases of polycarboxylic acids, when their volume decreased by -24.7% to X tons. Total imports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 20%. Over the period under review, imports hit record highs at X tons in 2020, and then contracted notably in the following year.

In value terms, polycarboxylic acid imports rose markedly to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 28%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Nigeria (X tons) represented the largest importer of polycarboxylic acids, creating 60% of total imports. It was distantly followed by Cote d'Ivoire (X tons), comprising a 34% share of total imports. Ghana (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +6.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest polycarboxylic acid importing markets in Western Africa were Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X), together accounting for 98% of total imports.

In terms of the main importing countries, Ghana, with a CAGR of +1.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, increasing by 42% against the previous year. Over the period under review, the import price, however, continues to indicate a slight descent. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-1.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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